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PBS NewsHour Features SUN and “A Tale of Two Markets”

Thursday, September 24, 2015

PBS NewsHour featured BCC CEO Elyse Cherry and SUN homeowners Dante and Cheryl Ortiz and David Greenidge in a story about the ongoing impact of the foreclosure crisis in low-income communities.

Speaking with Economics Correspondent Paul Solman, Cherry notes, "This is the story of a crisis that ‘won’t quit.’ It won’t quit because we are not focused on the difference in how the foreclosure crisis impacts our low-income neighborhoods as opposed to how it impacts our middle- and upper-middle income neighborhoods. In low-income neighborhoods, the foreclosure crisis continues unabated."

Solman also interviews Harvard Business School’s Nic Retsinas, who describes the reasons lenders have been reluctant to reduce principal balances on foreclosed homes.

“I think the lenders have been short-sighted,” Retsinas notes, “And because they have been short-sighted, for the most part, this housing crisis has dragged on and on, and it explains why the recovery is so slow and so laborious.”

Read the transcript of the NewsHour segment or watch the segment, "For some underwater mortgages, a chance to buy again at market rate", here.